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Tether's USDT Hits $120 Billion Market Cap, 120.17B USDT Circulating with 61.49B on TRON
Oct 20, 2024, 12:00 PM
Tether's USDT stablecoin has reached a record market cap of $120 billion, marking a significant milestone for the world's largest stablecoin. This surge in market cap is accompanied by substantial activity on the TRON network, with over $424 billion in USDT transfers recorded in September. The current circulation of USDT is 120.17B, with 61.49B USDT circulating on TRON and 54.48B USDT on Ethereum. The stablecoin market, which includes USDT and USDC, now accounts for 50% of all crypto transactions and has a combined market cap of $172 billion. USDT's supply has grown from $92 billion to $119 billion this year, reflecting its increasing dominance in the crypto ecosystem. Historically, a growing USDT supply has been seen as a bullish indicator for Bitcoin and the broader crypto market, sparking optimism for a potential rally.
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